Italy slams EU’s deficit warn­ing

The Korea Times - - WORLD - BRUS­SELS (AFP)

— Italy on Thurs­day flatly dis­missed the EU’s more pes­simistic out­look for the Ital­ian econ­omy as the IMF warned Rome should take steps to lower debt.

The pop­ulist gov­ern­ment in Rome is un­der mas­sive pres­sure since the Euro­pean Com­mis­sion on Oct. 23 re­jected its 2019 bud­get, giv­ing the rul­ing coali­tion in Rome un­til No­vem­ber 13 to make changes.

Fail­ing that, Brus­sels could put Italy into some­thing called the “ex­cess deficit pro­ce­dure,” a com­pli­cated process that could even­tu­ally lead to fines and pro­voke a strong mar­ket re­ac­tion.

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